Key Takeaways

EtherFi Governance Vote: The community vote on a proposal for up to $50 million in token buybacks concludes on November 3. This could help stabilize the ETHFI token price.

Key Upcoming Crypto Developments in November You Should Know

As November kicks off, several cryptocurrency projects are poised to introduce significant developments that could capture the attention of the market. Among these are EtherFi, Folks Finance, Aerodrome, and Lighter, each with exciting milestones planned for the early part of the month. These projects will feature new trading functionalities, buyback proposals, and product launches.

Folks Finance Token Launch: The FOLKS token is set to launch on November 6, enabling community governance in their decentralized finance protocol.
Aerodrome Upgrades: Key upgrades for the Aerodrome exchange are scheduled for next week, which may enhance its operating system significantly.
Lighter Trading Launch: Lighter plans to begin spot trading in early November, initially focusing on major cryptocurrencies like Bitcoin and Ethereum.

Ether.fi (ETHFI) Governance Vote on $50 Million Buyback Ends Today

Today, November 3, Ether.fi (ETHFI) reaches an important governance milestone as the community voting wraps up on a proposal to approve a buyback of up to $50 million in ETHFI tokens.

According to the proposal, the EtherFi Foundation intends to acquire ETHFI tokens from the market whenever the token price falls below $3. This approach is designed to improve liquidity, stabilize the token's value, and enhance the confidence of long-term holders.

“The Foundation plans to gradually increase buy-back capacity relative to protocol revenues, especially when ETHFI is priced below $3, ensuring a smart allocation of surplus revenue to boost market confidence and decrease circulating supply,” the proposal states.

All buyback activities will be transparently reported to the public. If the vote passes, the plan will be implemented immediately. This vote is significant for ETHFI, especially considering that data from BeInCrypto Markets indicates a sharp 46% drop for the altcoin over the past month. As of this writing, ETHFI trades at $0.93, reflecting a 7.29% decrease within the last 24 hours.

A successful buyback could potentially help stabilize the token price and restore investor confidence amidst ongoing market fluctuations. Conversely, without approval, ETHFI might face additional downward pressure.

Folks Finance Launches FOLKS Token

Folks Finance, a cross-chain decentralized finance protocol, will launch its native FOLKS token on November 6. The FOLKS token will debut during the Token Generation Event (TGE), utilizing the Wormhole NTT cross-chain standard.

This token will be pivotal for protocol governance, allowing community members to engage in important decisions and support incentives for long-term participation. With a total supply capped at 50 million tokens, 12.7 million FOLKS—representing 25.4% of the total supply—will be made available at launch.

The initial allocation aims to foster ecosystem growth alongside a community airdrop. “At the TGE, 3.29% of the total is allocated for airdrops. Of this amount, approximately 0.67% (Unlocked Community Airdrop) reflects an estimated value, based on the assumption that 25% of users will opt for an instant claim, while 75% may prefer a linear unlock option,” the team explained.

Aerodrome Announcing Major Upgrades in November

Aerodrome, recognized as a leading decentralized exchange on the Base network, is gearing up to conclude its MetaDEX02 phase next week. This transition will introduce two critical upgrades.

“Next week, we finalize the MetaDEX02 phase with the complete launch of Slipstream V2, Autopilot (upgraded fee-free Automated Liquidity Management), and additional user interface and experience enhancements,” stated Alexander, a core contributor at Aerodrome.

Following this, the focus will shift to MetaDEX03, which Alexander described as their “most advanced” decentralized exchange operating system (DEXOS). This upgrade promises to bring significant improvements and features over previous versions.

These developments mark a considerable step forward for Aerodrome, which is already a top revenue-generating DEX and ranks fourth among the highest-earning protocols in decentralized finance (DeFi), outpacing Ethereum and Solana.

Lighter Plans to Launch Spot Trading

Lastly, Lighter, an Ethereum Layer-2 perpetuals exchange known for its no-fee model, is accelerating its product rollout. CEO Vladimir Novakovski recently shared exciting plans, indicating that spot trading could launch in early November.

At the outset, Lighter will include key assets such as Bitcoin (BTC) and Ethereum (ETH) in its offerings, with additional meme coins to follow soon after. However, an exact launch date has yet to be announced.

On October 31, the platform initiated foreign exchange (FX) perpetual trading, broadening its audience to attract traditional finance traders seeking efficiency through on-chain transactions.

With the introduction of EtherFi’s governance vote, Lighter’s spot trading, Aerodrome’s technical enhancements, and Folks Finance's token launch, November appears to be an action-packed month for the cryptocurrency market — one that could spur renewed excitement across various ecosystems.